Quarterly ResultMay 14, 2026, 05:07 PM
Western Uranium Q1 Net Loss $(1.6M); Going Concern Warning
AI Summary
Western Uranium & Vanadium Corp. reported a net loss of $1.6 million for the three months ended March 31, 2026, an improvement from the $2.64 million loss in the prior year. The company's ability to continue operations is contingent on obtaining additional financing, leading to a going concern warning. Revenues decreased to $27,351, while cash and cash equivalents also declined. The company continues to advance permitting for its San Rafael Uranium Project and granted 1.35 million stock options.
Key Highlights
- Reported a net loss of $(1,600,837) for Q1 2026, an improvement from $(2,637,615) in Q1 2025.
- Issued a going concern warning due to recurring losses and reliance on future financing.
- Revenues for Q1 2026 decreased to $27,351 from $41,221 in Q1 2025.
- Net loss per share was $(0.02) for Q1 2026, an improvement from $(0.04) in Q1 2025.
- Cash and cash equivalents stood at $4,552,637 as of March 31, 2026, down from $5,620,630.
- Net cash used in operating activities decreased to $(1,043,509) from $(2,186,106) year-over-year.
- Granted 1,350,000 stock options to officers, directors, and employees on January 15, 2026.
- San Rafael Uranium Project received approval for a mineral and groundwater exploration project.